What is the Role of Asset Management in Asset Maintenance?

Asset maintenance optimization is important for organizations. Whenever any organization plans to purchase or hire an asset for the smooth functioning of the business operations, full maintenance and management strategy has to be completely thought through.

It reduces the risk factor while acquiring the asset and leads to the establishment of robust processes, that can maintain assets in the ever-changing environment.

To develop a deeper understanding of the subject and maintain the asset in the best-operating conditions, all the related information has to be collated and stored in the system.

For Eg.: The maintenance of infrastructure by a City Council is one of the fundamental services. It requires a colossal amount of data like road-maps and related details, government buildings and related details, bridges, parks, parking lots, street lights, pipelines for sewage and drinking water supply to be fed into the system and maintain a catalog of changes for all of them.

In order to keep them working and in good condition you not only need to maintain them but you also need to optimize asset maintenance.

Also Read: Without Asset Management Software, Managing Assets in Excels & Spreadsheets

To effectively manage these assets, the City Council would have to maintain the catalog of the following details -

• Where are the assets?
• What is the condition of the asset (New, Old, Repaired, Hired)?
• Who is the assigned maintenance person for the asset?
• What is the maintenance schedule of the asset?
• If the asset is not deployed for service, is it in-stock or out-of-stock?
• How long can the asset be used with proper maintenance (Average tenure of usage)?

These are some of the essential questions, which need to be answered on a continual basis.

Effective asset maintenance and performance management strategies have to be put in place to avoid any disturbance in the daily operations. This strategy not only involves the maintenance teams but also works on other related factors like programs, tasks, activities, etc.

The Purpose for the Asset Maintenance and Performance Management Strategy Are Listed Below:

1. Gather information to know exactly what assets you have for operating, monitoring, and/or maintaining.

2. Gather information to know precisely where your assets are located.

3. Gather information about the present condition of your assets.

4. Analyze the requirement and design to know how they are functioning.

5. Develop an asset management program to ensure the performance of an asset and gain reliability to improve customer's trust.

6. Optimize operation cost and do the needful changes with the current scenario.

By implementing these strategies, any organization can develop a simple, reliable, and efficient system for the maintenance of assets. This will proportionally enhance the productivity of any organization, even when the user/environment/location keeps changing.

Also Read: What Are the Steps to Improve the Asset Maintenance Process?

Few Other Benefits for an Effective Asset Maintenance Strategy Are Illustrated Below:

• Apart from the life of an asset, it also extends the availability of assets for usage.
• It also enhances the ability of the assets, even with changing hands.
• It also improves the reliability and safety in the business operations.
• It also turns the perfectly imagined working conditions into reality within an organization.
• It also helps in the optimization of the retirement age of an asset.

The Asset Maintenance & Management Strategy is only the combination of technical information, requirement, and technology. It will lead an organization towards its goal with some pre-planning, rules within a specific budget and provide a flawless solution to use the assets without any errors.

Such strategies are useful for every challenge and make a healthy approach whenever an asset is transferred from one location to another and changed users.

Furthermore, it becomes very difficult for organizations to constantly monitor the performance of their assets. And so, asset maintenance and monitoring

The system has to be put in place for the successful implementation of the illustrated strategy.

Asset Infinity - asset monitoring and maintenance application, allows the organization to address all the above challenges with ease and at multiple locations. It has the ability to accomplish -

• Trace the current location and condition of an asset in the organization.
• Check the availability of the assets in the stock.
• Catalog the maintenance schedule of the asset and set corresponding reminders for the allotted users.
• Resolve the issues in the process within minimum turnaround time.
• Elongate the life of the assets and ensure users with reliability.

Also Read: Why Do You Need an Asset Tracking System Today!

Conclusion

Optimization of the processes by countering problems like rising energy & input costs, environmental and regulatory requirements. Asset maintenance optimization helps to improve safety, increase efficiency, and contain costs.

So, a proactive system like Asset Infinity can be extremely useful in multiple sectors for the optimization of asset utilization.

At the same time, asset maintenance optimization is helpful in improving productivity and assist in enhancing return on investment (ROI).